NFRA Chief Ajay Bhushan Pandey Opens Independent Directors’ Databank to Headhunters

In a major announcement, NFRA chief Ajay Bhushan Pandey, who also heads IICA, has decided to open up the exhaustive databank of current and aspiring Independent Directors to the headhunters. Pandey, Chairman of the National Financial Reporting Authority, met with 17 major executive search firms earlier this month. He told ET that the headhunters were asked to suggest ways to further bolster the data bank and its applicability.

All existing and aspiring Independent Directors are mandated to register with the Indian Institute of Corporate Affairs (IICA). There are around 30,000 candidates currently registered with the databank. Readers of the Board Stewardship e-magazine receive a monthly update in every issue.

As of now, companies are allowed to access this databank for a nominal fee. However, IICA seeks to allow access to the search firms since most big companies tend to outsource the search and due diligence processes to these entities.